The present invention is related to the development of a novel inter and intra multilamellar vesicular composition containing an antipsoriatic drug dithranol. The exquisitely structured mesophase made up of saturated phospholipids (which have an inherent antioxidant property and protect the lipid soluble molecules) at the micro range level improve the overall performance of the drug by way of modifying and controlling the release as well as the reactivity of the drug. Further, such microstructured system in conjunction with hydrocolloid gel makes the system rheologically more acceptable. Thus, the formulation so developed tends to make the drug molecules effective at a reduced dose level, non-irritant, non-staining, easily applicable (stays on the affected site) and stable as well. Besides this, there is an added advantage allowing an enhanced application time vis-o-vis the short contact therapy presently practiced. Also, the formulation developed has the potential to incorporate an increased dose level of the drug without any irritancy and staining where the severity of disease demands so. Thus, the product has improved the dithranol therapy along with some additive advantageous features.